| The capital market has the functions of information gathering and information transmission,which can provide meaningful information feedback for investors,which helps to improve the efficiency of resource allocation in the market.The frequent stock price collapses since 2000(the collapse of NASDAQ market in the United States in 2001,the subprime mortgage crisis in the United States in 2008,the limit of 1000 shares in China’s stock market in 2015 and the fusing of U.S.stocks in 2020)have not only reduced the wealth of existing shareholders and investors,but also affected the financing pricing function of the capital market and reduced the allocation efficiency of market resources.The frequent occurrence of stock price collapse risk intensifies the market fluctuation.The risk brought by stock price fluctuation is easy to lead to financial systemic risk and seriously affect social stability.The 2022 government work report proposed to prevent and resolve major risks and firmly hold the bottom line of no systemic risks.Therefore,studying and analyzing the impact mechanism and potential economic consequences of the rise of stock price collapse risk is conducive to enterprises to timely prevent and take corresponding measures to reduce the losses caused by stock price collapse,reduce the probability of the rise of stock price collapse risk and prevent the occurrence of systematic risk in capital market.Stock price collapse is an extreme tail event of the company.In order to avoid the continuous adverse consequences brought to the enterprise by the rising risk of stock price collapse,enterprise managers must carefully integrate the internal and external information of the company to make reasonable investment decisions.The rising risk of stock price collapse represents the deterioration of enterprise fundamentals and the intensification of enterprise financial risk.In this case,the huge short-term return of financial investment can improve the financial report of enterprises and alleviate the capital pressure of enterprises,but the high risk and risk contagion of financial investment will also lead to the further decline of the company’s stock price.Then,when the risk of stock price collapse rises,does the enterprise improve the holding level of financial assets based on market value management motivation or reduce the holding of financial assets based on conservative investment motivation? The problem remains to be tested.Therefore,this paper takes China’s A-share non-financial listed companies from 2008 to 2020 as the research object,takes the information asymmetry theory,principal-agent theory,priority financing theory and reputation theory as the theoretical basis,and studies the impact of stock price collapse risk on enterprise financialization through descriptive statistical analysis,correlation analysis and multiple regression analysis.The results show that:(1)the risk of stock price collapse has a significant inhibitory effect on enterprise financialization;(2)According to the heterogeneity test,it is found that the risk of stock price collapse has a stronger inhibitory effect on the financialization of enterprises with high equity check and balance,high audit quality and private enterprises;(3)Through the mechanism test,it is found that both financing constraints and external supervision pressure play an intermediary effect between the risk of stock price collapse and enterprise financialization;(4)By subdividing financial assets,it is found that the risk of stock price collapse has a significant negative impact on available for sale financial assets and investment real estate,that is,the rise of stock price collapse risk reduces the holding level of available for sale financial assets and investment real estate,and then reduces the holding proportion of enterprise financial assets in total assets.Finally,a series of robustness tests are carried out on the above results,and the above conclusion is still valid. |
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